When George Reyes announced plans last August to resign as CFO of Google (NSDQ: GOOG), his replacement was expected by the end of 2007. But the search just officially left beta after the market close today with word that telecom vet
Daniel Patrick Pichette is joining as SVP and CFO. He has been with Bell Canada for the past seven years, most recently as president of operations. Pichette’s resume also includes a brief stint as CFO of Bell Canada and what is described as a “lead role” with McKinsey & Company’s North American telecom practice. Pichette joins Google Aug. 1 and takes over as CFO Aug. 12. Release.
His telecom background is sure to raise questions about Google’s ambitions in that area.
Update: From the SEC filing with his new contract:
– Patrick’s annual base salary will be $450,000 and his discretionary target bonus percentage will be 150% of his annual base salary.
– Google has agreed to pay Patrick a special one-time sign-on bonus of $500,000 (taxed as supplemental income).
– Google has agreed to pay Patrick an additional special bonus of $500,000 (taxed as supplemental income) upon completion of six months of employment. In the event that Patrick’s employment is terminated by Google prior to the end of this six-month period, this additional bonus will be paid out in full within 30 days from the date of termination.
Then the usual coterie of euity grants…the full details in the SEC filing.